Dredging Corporation of India Limited (DREDGECORP)
₹896.45 -0.49% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dredging's revenue was ₹355 Cr (+46.7% year on year, -25.6% on the previous quarter), and net profit ₹11.2 Cr (against a loss a year earlier); the operating margin was 17.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹355 | +46.7% | -25.6% |
| Operating profit | ₹61.9 | +31.9% | -56.7% |
| Net profit | ₹11.2 | from loss | -87.1% |
| EPS (₹) | 4.01 | from loss | -87.1% |
| Operating margin | 17.4% | — | — |
DREDGECORP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.15% of the DREDGECORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.56%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 37.0% · 35.8% · 34.4% · 37.4% · 43.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dredging Corporation of India Limited has submitted its statement under Regulation 32(1) of SEBI LODR Regulations for the quarter ended September 30, 2026. The company confirmed that there was zero new allotment of equity shares pursuant to the conversion of convertible warrants during the quarter. This is a periodic compliance disclosure indicating no dilution from warrant conversions occurred in Q2 FY27.
- No new allotment of equity shares from convertible warrants during the quarter ended September 30, 2026
- Filing submitted under Regulation 32(1) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
- Report dated October 9, 2026 confirms nil material deviation or warrant-based equity dilution
Dredging Corporation of India shared its 50th AGM updates, highlighting a turnaround in FY 2025-26 with revenue from operations reaching Rs 1,208.33 crore and a net profit of Rs 4.75 crore against a loss of Rs 27.46 crore in the prior year. Operating profit margin improved to 16.84% from 12.33%. To support growth, the company plans an indicative capex of Rs 3,560 crore to acquire 11 new dredgers over five years, including the 12,000 m3 'DCI Dredge Godavari' joining in FY 2026-27. Additionally, DCIL is deliberating a rights issue of approximately Rs 1,000 crore to fund vessel acquisitions.
- Turned profitable in FY26 with PAT of Rs 4.75 crore versus a loss of Rs 27.46 crore in FY25; revenue reached Rs 1,208.33 crore
- Operating profit margin expanded to 16.84% from 12.33% in the prior year
- Planning Rs 3,560 crore capex to add 11 new dredgers over the next 5 years, nearly 3x its current net worth of Rs 1,230 crore
- Deliberating a rights issue of approximately Rs 1,000 crore to fund capacity expansion and vessel acquisitions
- Signed 22 MoUs with 16 organisations during India Maritime Week 2025 with an aggregate indicative value of Rs 17,645 crore
Dredging Corporation of India Limited has submitted the voting results and scrutinizer's report for its 50th Annual General Meeting held on September 24, 2026. A total of 2,23,35,744 valid votes were cast, representing a 79.77% turnout across eligible share capital. All three ordinary resolutions—adoption of FY26 standalone financials, re-appointment of Director Sushil Kumar Singh, and statutory auditor remuneration for FY27—were approved by shareholders with the required majority.
- Total voting turnout stood at 79.77% of total voting shares (22,335,744 votes cast out of 28,000,000 shares)
- Adoption of FY26 audited standalone financial statements passed with 99.9983% votes in favor (381 votes against)
- Re-appointment of Director Sushil Kumar Singh passed with 92.7095% votes in favor, though 93.08% of public institutional votes (1,626,981 votes) were cast against
- Fixation of FY27 statutory auditor remuneration passed with 99.9983% votes in favor
Dredging Corporation of India Limited (DCIL) has appointed Shri Susanta Kumar Purohit, IRSEE, as an Additional Director (Promoter - Non-Executive & Non-Independent) effective September 14, 2026. Shri Purohit is currently Chairman of Paradip Port Authority and Chairperson of V.O. Chidambaranar Port Authority. His appointment will continue until the next Annual General Meeting or via Postal Ballot approval within 3 months. Promoter major ports represent critical stakeholders for DCIL, with 43% of its order book reliant on promoter port nominations as of September 2025.
- Appointment of Shri Susanta Kumar Purohit effective from September 14, 2026
- Designated as Additional Director (Promoter - Non-Executive & Non-Independent)
- Shareholder approval to be sought via Postal Ballot within 3 months or at the next AGM
- Appointee holds nil shares in DCIL and directorship in nil other companies
Dredging Corporation of India Limited (DCIL) announced that it has received the 'Dredging Company of the Year' Award 2026 at The Economic Times Global Ports & Shipping Awards. The recognition coincides with DCIL's Golden Jubilee, marking 50 years of operations since its establishment in 1976. The company currently operates a fleet of over 10 dredgers, growing from an initial fleet of four dredgers. The announcement is a non-financial brand recognition update with no direct impact on current order book or revenue.
- Won 'Dredging Company of the Year' Award 2026 at ET Global Ports & Shipping Awards
- Company celebrates its Golden Jubilee marking 50 years since establishment in 1976
- Fleet size highlighted at more than 10 dredgers, expanded from an initial 4 dredgers
- Supported by four promoter ports: Visakhapatnam, Paradip, JNPA, and Deendayal Port Authorities
Dredging Corporation of India Limited (DCI) has approved the appointment of Shri Susanta Kumar Purohit, IRSEE, Chairman of Paradip Port Authority, as an Additional Director (Promoter - Non-Executive & Non-Independent). The appointment follows the cessation of Shri P. L. Haranadh as Director effective September 1, 2026. Shri Purohit holds additional charge as Chairman of Paradip Port Authority for six months or until further orders. He holds nil shares in DCI.
- Susanta Kumar Purohit appointed as Additional Director (Promoter - Non-Executive & Non-Independent)
- Appointment follows cessation of P. L. Haranadh as Director effective September 1, 2026
- Shri Purohit assumed additional charge of Chairman, Paradip Port Authority on September 1, 2026 for 6 months
- Holds nil equity shares in DCI
Dredging Corporation of India Limited announced the cessation of Mr. P. L. Haranadh as Non-Executive and Non-Independent Director effective September 01, 2026. In his place, Shri Susanta Kumar Purohit, IRSEE, Chairman of Paradip Port Authority, has been approved as an Additional Director (Promoter - Non-Executive & Non-Independent). The appointment is subject to obtaining his Director Identification Number (DIN) or DIR-2 consent and will require subsequent shareholder approval. This represents a routine nominee board rotation from promoter port authorities, which collectively hold a 73.47% stake in the company.
- Cessation of Shri P. L. Haranadh as Non-Executive Director effective September 01, 2026
- Shri Susanta Kumar Purohit appointed as Additional Director representing promoter port Paradip Port Authority
- Purohit holds additional charge as Chairman of Paradip Port Authority for 6 months from September 01, 2026
- Shareholder approval for the appointment to be sought at next AGM or via Postal Ballot within 3 months
Dredging Corporation of India Limited has scheduled its 50th Annual General Meeting (AGM) for the financial year 2025-26 on September 24, 2026. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from September 18, 2026, to September 24, 2026 (both days inclusive). This filing is a routine procedural update required under exchange and depository regulations.
- 50th Annual General Meeting scheduled for 24th September 2026
- Book closure period set from 18th September 2026 to 24th September 2026 (both days inclusive)
- Intimation provided to NSDL and CDSL on September 1, 2026
Dredging Corporation of India Limited has announced its 50th Annual General Meeting (AGM) for FY 2025-26 scheduled for September 24, 2026. The Register of Members and Share Transfer Books will remain closed from September 18, 2026, to September 24, 2026 (both days inclusive) for AGM purposes. This is a standard regulatory filing with no material impact on operations or financials.
- 50th Annual General Meeting to be held on September 24, 2026
- Share transfer books and register of members closed from September 18 to September 24, 2026
- Meeting covers reporting and governance matters for FY 2025-26
Dredging Corporation of India Limited has announced that its 50th Annual General Meeting (AGM) for the financial year 2025-26 will be held on September 24, 2026. Consequently, the Register of Members and Share Transfer Books will remain closed from September 18, 2026, to September 24, 2026 (both days inclusive). The record date for the meeting has been set as September 18, 2026. This is a standard corporate compliance filing.
- 50th Annual General Meeting scheduled to take place on 24th September 2026.
- Book closure period scheduled from 18th September 2026 to 24th September 2026 (both days inclusive).
- Record date for meeting participation set as 18-Sep-2026.
Dredging Corporation of India Limited has issued the notice for its 50th Annual General Meeting (AGM) scheduled for September 24, 2026, via video conferencing. The agenda consists of standard ordinary business, including the adoption of standalone financial statements for FY ended March 31, 2026, and the re-appointment of Director Shri Sushil Kumar Singh retiring by rotation. Additionally, the Board will be authorized to determine the remuneration of statutory auditors for FY 2026-27. The Register of Members and Share Transfer Books will be closed from September 18, 2026, to September 24, 2026.
- 50th Annual General Meeting scheduled for September 24, 2026, at 11:00 AM IST via VC/OAVM
- Share transfer books and register of members closed from September 18, 2026, to September 24, 2026
- Proposal for the re-appointment of Director Shri Sushil Kumar Singh (DIN: 09817935) retiring by rotation
- Approval sought to authorize the Board to fix statutory auditor remuneration for FY 2026-27
The Ministry of Ports, Shipping and Waterways has entrusted the additional charge of Chairman, Paradip Port Authority to Shri Susanta Kumar Purohit, IRTS, for a period of 6 months effective September 1, 2026, replacing Shri P. L. Haranadh. Paradip Port Authority is a major promoter port of Dredging Corporation of India. Upon review and approval by DCI's Nomination and Remuneration Committee (NRC) and Board, his appointment as a Director on DCI's board will be formally intimated.
- Shri Susanta Kumar Purohit appointed to hold additional charge as Chairman, Paradip Port Authority w.e.f. 01.09.2026.
- Appointment tenure is for a duration of 6 months or until a regular Chairperson is appointed.
- Replaces outgoing Chairman Shri P. L. Haranadh, IRTS.
- Formal induction as a Director on DCI's Board remains subject to NRC and Board approval.
Shareholders of Dredging Corporation of India (DCI) have formally approved the appointment of Shri Jasmeet Singh Bindra, IRTS, as a Director and Chairman through a postal ballot. The resolution received overwhelming support with 99.95% of the 2.21 crore valid votes cast in favor. This leadership confirmation is significant as the company manages a high debt of ₹1,087 crore and a ₹1,422 crore order book. The appointment aligns with the company's strategy to leverage promoter port relationships, which currently account for 43% of its order book.
- 99.95% of total valid votes (2,21,07,799 votes) were cast in favor of the appointment.
- Only 0.05% of votes (10,847 votes) were cast against the resolution.
- A total of 334 voters participated in the remote e-voting process representing 2,21,18,646 valid votes.
- The voting process was conducted over a 31-day period from July 8, 2026, to August 7, 2026.
Dredging Corporation of India (DCI) reported a significant turnaround in Q1 FY27, posting a net profit of Rs 11.24 Cr compared to a net loss of Rs 23.33 Cr in Q1 FY26. Revenue from operations grew 46.7% YoY to Rs 355.43 Cr, driven by increased dredging activity, although it declined sequentially from Q4 FY26. A key driver for the bottom-line improvement was a 68.5% reduction in finance costs, which fell to Rs 9.88 Cr. The company maintains a stable debt-to-equity ratio of 0.89:1, with a total order book previously noted at Rs 1,422 Cr.
- Turnaround to net profit of Rs 11.24 Cr from a loss of Rs 23.33 Cr in the same quarter last year.
- Revenue from operations increased by 46.7% YoY to Rs 355.43 Cr.
- Finance costs reduced significantly by 68.5% YoY to Rs 9.88 Cr from Rs 31.39 Cr.
- Sub-contracting expenses remain high at Rs 125.56 Cr, accounting for 35.3% of quarterly revenue.
- Earnings Per Share (EPS) improved to Rs 4.01 from a negative Rs 8.33 in Q1 FY26.
Invesco Mutual Fund has increased its stake in Dredging Corporation of India Limited to 5.2073% by acquiring 80,029 shares from the open market on July 30, 2026. This acquisition crosses the 5% regulatory threshold, requiring a formal disclosure under SEBI (SAST) Regulations. The fund's total holding now stands at 14,58,042 shares, distributed across its Flexi Cap, Infrastructure, Multicap, and PSU Equity schemes. This move signals institutional confidence as the company modernizes its fleet with an Rs 827 crore new dredger investment.
- Acquired 80,029 equity shares from the open market on July 30, 2026
- Total shareholding increased from 4.9215% to 5.2073% of the paid-up capital
- Aggregate holding reached 14,58,042 equity shares across four Invesco schemes
- Total paid-up equity share capital remains at Rs 28,00,00,000 comprising 2.8 crore shares
Financial Performance
Revenue Growth by Segment
DREDGECORP recorded a 21% year-on-year increase in total revenue, rising from INR 945 crore in FY24 to INR 1,142 crore in FY25. Growth continued in H1FY26 with revenue of INR 454 crore, a 28% increase over H1FY25 (INR 355 crore). Revenue is primarily driven by maintenance dredging for major ports, with an increasing focus on capital dredging which is expected to scale from FY27 onwards following the onboarding of the new INR 827 crore dredger.
Geographic Revenue Split
The company operates primarily along the 7,500 km coastline of India, serving major and non-major ports. While specific regional percentages are not disclosed, the company is actively exploring international markets to expand its geographical footprint beyond domestic operations.
Profitability Margins
Profitability witnessed significant moderation in FY25. The company reported a net loss of INR 33.79 crore in FY25 compared to a profit after tax of INR 31.85 crore in FY24. For H1FY26, the company reported a net loss of INR 57.51 crore. This decline is attributed to INR 118 crore in liquidated damages for performance shortfalls and significant forex losses on unhedged foreign currency borrowings.
EBITDA Margin
PBILDT margin declined sharply to 12.23% in FY25 from 21.27% in FY24. Although operating margins had previously improved to 24.77% in FY24 due to lower fuel expenses and operational efficiencies, the FY25 performance was hampered by a 710% increase in inventory balances and high maintenance costs for an ageing fleet.
Capital Expenditure
The company is undertaking a major debt-funded capex of INR 827 crore (EUR 89.39 million) for the construction of 'DCI Dredge Godavari', a 12,000 cubic meter Trailing Suction Hopper Dredger. This project is funded via a EUR 49.9 million ECB loan from Deutsche Bank, with the balance from promoter ports and NCD subscriptions by Cochin Shipyard Limited.
Credit Rating & Borrowing
The company maintains a comfortable leverage profile with an overall gearing ratio of 0.44x as of March 31, 2024, and remaining below unity as of March 31, 2025. Borrowing costs are impacted by a EUR 49.9 million ECB loan; however, specific interest rate percentages were not disclosed. Promoters provided INR 315 crore in unsecured loans to support liquidity and capex.
Operational Drivers
Raw Materials
The primary operational costs include High-Speed Diesel (fuel), which is subject to price volatility, and imported spare parts and components for dredger maintenance.
Import Sources
Spare parts and components are heavily dependent on global imports, making the supply chain vulnerable to international disruptions. Specific countries were not named, but the reliance is noted as 'global'.
Key Suppliers
Key partners include Cochin Shipyard Limited (CSL) for vessel construction and Indian Oil Corporation (IOCL) for oil and lubricant management via an ESG-focused MoU.
Capacity Expansion
Current capacity is being expanded with the addition of a 12,000 cubic meter Trailing Suction Hopper Dredger (TSHD) expected to be commissioned by October 2026. This will be India's largest dredger and is designed to enable higher-margin capital dredging works.
Raw Material Costs
Fuel expenses are a major variable; in FY24, lower fuel costs contributed to a margin improvement to 24.77%. However, the ageing fleet (average age >23 years) results in higher fuel consumption and lower productivity, increasing the cost-to-revenue ratio.
Manufacturing Efficiency
Capacity utilization is impacted by frequent breakdowns of the ageing fleet. In Q1FY25, 5-6 dredgers were under emergency repair/dry docking, which significantly lowered productivity and revenue for that quarter.
Logistics & Distribution
Not applicable as the company provides on-site dredging services at ports rather than distributing physical goods.
Strategic Growth
Expected Growth Rate
21-28%
Growth Strategy
Growth will be achieved through fleet modernization (INR 827 crore new dredger), diversifying into beach nourishment, inland dredging, and shallow water dredging, and leveraging the 'nomination basis' for orders from promoter ports under Ministry of Shipping guidelines.
Products & Services
Maintenance dredging, capital dredging, land reclamation, beach nourishment, project management consultancy, and marine construction services.
Brand Portfolio
DCI (Dredging Corporation of India), DCI Dredge Godavari.
New Products/Services
Expansion into offshore installations, bunker barge operations, and manufacturing of spare parts through backward integration.
Market Expansion
Targeting international markets and expanding domestic presence in non-major ports and fishing harbours.
Market Share & Ranking
DCI is a premier dredging company in India with nearly five decades of experience, holding a dominant position in maintenance dredging for major Indian ports.
Strategic Alliances
Agreement with Cochin Shipyard Limited (CSL) for dredger construction and an MoU with Indian Oil Corporation (IOCL) for environmental risk management.
External Factors
Industry Trends
The industry is shifting toward open competitive bidding as suggested by the Ministry of Shipping, although the Ministry retains the right to assign work on a nomination basis in the public interest. There is a growing trend toward environmental compliance and sustainable dredging.
Competitive Landscape
Intensifying competition from both domestic private players and global dredging giants, which impacts market share and pricing flexibility.
Competitive Moat
Moat consists of a 50-year track record, specialized expertise in varied soil conditions, and strong promoter support from major Indian ports. Sustainability is challenged by an ageing fleet and rising private competition.
Macro Economic Sensitivity
Highly sensitive to global fuel prices and the INR/EURO exchange rate. A sharp depreciation in INR led to significant reported forex losses in FY25.
Consumer Behavior
Not applicable as the company serves B2B/Government port entities.
Geopolitical Risks
Vulnerable to global supply chain disruptions for critical spares and components required for vessel maintenance.
Regulatory & Governance
Industry Regulations
Operations are governed by the Dredging Guidelines issued by the Ministry of Shipping, which regulate how major ports award contracts (nomination vs. bidding).
Environmental Compliance
Exposed to risks of marine ecosystem disturbance. Mitigation includes a Sustainable Procurement Policy and an MoU with IOCL to manage oil pollution risks.
Taxation Policy Impact
The company reported a tax expense of INR 1.11 crore for Q2FY26 despite pre-tax losses.
Legal Contingencies
The company recognized provisions and bad debts of approximately INR 200 crore in FY23, primarily relating to litigations and debtors outstanding for more than 5 years. It also faced INR 118 crore in liquidated damages in FY25, of which INR 17 crore was recovered in H1FY26.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timely commissioning of the new dredger in October 2026; any delay would postpone the expected revenue jump. Forex volatility on the EUR loan could impact net profit by 10-15% based on recent trends.
Geographic Concentration Risk
100% of current disclosed revenue is from the Indian coastline, with 43% of the order book concentrated in promoter-owned ports.
Third Party Dependencies
High dependency on Cochin Shipyard Limited for the delivery of the new TSHD and on global vendors for specialized dredging spares.
Technology Obsolescence Risk
High risk due to the fleet's average age exceeding 23 years. Obsolete assets lead to higher fuel consumption and frequent operational failures.
Credit & Counterparty Risk
Receivables quality has been a historical issue, evidenced by the INR 200 crore provision for legacy debtors. However, recent working capital management has reduced creditor days significantly.
